TransferWise, the Estonian-born provider of international online money transfer services, boosted its revenue by 169 percent year on year to 35 million euros in the fiscal year that ended in March. Its losses increased 50 percent as well, however, to 21 million euros.

TransferWise's monthly revenue has doubled during the past 12 months to 6 million euros. The company, which has crossed the one-million user mark, handles one billion euros of its customers' money per month, saving them a total of 45 million euros. The monthly number of transactions has hit 600,000, marking an increase of 50 percent compared to six months ago.

"Five years ago, when we started out with TransferWise, we only handled payments between Estonia and the UK," said Taavet Hinrikus, co-founder and CEO of TransferWise, in a press release. "Today we offer payments to 645 different destinations and into 90 percent of the world's bank accounts."

He added that changes in the world of finance were still in the early phase. "Already today technology companies are among the best providers of financial services," said Hinrikus. "Ten years from now, the role of banks will have changed substantially."

TransferWise launched a partnership with Estonian bank LHV and German online bank N26 this year. The company set a precedent in August by being the first tech enterprise to integrate into the British express payments service Faster Payment Service as well.

The service provided by TransferWise enables customers to send money from 36 countries and to 55 countries in a total of 38 different currencies.

TransferWise employs a workforce of 600 across eight offices around the world. It is slated to open an office in Sydney next.

The two ministers in the Ministry of Economic Affairs and Communications, Kadri Simson (Center) and Urve Palo (SDE), announced on Friday that they were recalling all members of the Riigikogu currently serving on state company supervisory boards.

There were a total of approimately 11,000 job vacancies in businesses, institutions and organizations in Estonia in the third quarter of 2016, which is a 7-year high following a 16-percent jump from the previous quarter and a 25-percent increase year over year.

The European Investment Bank (EIB) and the Estonian Ministry of Finance have signed the second portion, worth 400 million euros, of a co-financing facility for Estonia aimed at supporting investments in research and innovation, sustainable transport infrastructure and the promotion of the development of the country's micro, small and medium-sized enterprises (SMEs).

AS Eesti Meedia, the largest media group in the Baltics, has acquired the exclusive free-to-air audovisual rights for the territory of the Republic of Estonia for the 2018 Winter Olympics in PyeongChang and 2020 Summer Olympics in Tokyo.

Looking into Eesti Energia’s Jordan and Utah projects, both focused on oil shale processing, the National Audit Office found that the company had explained the involved risks sufficiently before making the investment.

Estonian transmission system operator Elering has announced a public procurement tender to find a designer and constructor of the Estonian section of the planned third Estonian-Latvian power connection, the total cost of which will be 172 million euros.

Minister of Rural Affairs Martin Repinski (Center) has invited food producers with export experience to take part in a roundtable on food export that is to take place at the Ministry of Rural Affairs on Dec. 14.

Participating in Friday's Telecommunications Council in Brussels, Estonia supported changing the EU's communication legislation which would help member states to adopt 5th-generation networks more quickly.

Minister of Health and Labour Jevgeni Ossinovski (SDE) plans on implementing restrictions on alcohol advertising in Estonia that the previous government failed to pass in March, reported daily Eesti Päevaleht.

During the first two years of its e-residency project, which provides foreigners with the opportunity to register companies in Estonia and use other e-state services, Estonia already has 15,000 e-residents who have established more than 1,000 businesses. On the occasion of the second birthday of the program, the President of Estonia stressed the importance of the program in introducing Estonia to the world.

The Tallinn Administrative Court ruled on Thursday in favor of Estonia's privately-owned train operator Edelaraudtee, which means that the Estonian state must pay the company 2.1 million euros in damages due to premature termination of contract.

The Estonian government approved a proposal on Thursday, made by Minister of Justice Urmas Reinsalu in connection with Estonia's e-residency project, to repeal the requirement that the management board of a company registered in Estonia must be physically located in the country. The change is to take effect in January 2018.

In October 2016, the production of Estonia's industrial enterprises increased 5 percent compared to October of the previous year, as production increased in manufacturing and the energy sector but decreased in mining and quarrying.

On Nov. 29, representatives of the Tartu Division of the Estonian Free Party met with Latvian representatives of the Rail Baltic project in Riga in order to discuss the former’s desire to see the route of the international railway project changed to connect Tallinn with Riga via Tartu, not Pärnu, as currently planned. This proposed change, however, did not find support on the Latvian side.

According to Estonian state-owned company Port of Tallinn, the sea trials of the new ferry Tõll were successful, and so the vessel is expected to begin its journey toward Estonia at the end of December and enter into service under subsidiary TS Laevad in early January.

While next year’s budget allocates €4m to state-owned railway company Eesti Raudtee, what it needs is actually closer to €15m. As the European Union’s support payments are slowly shrinking, the need for state investment in Estonia’s railway infrastructure is increasing.

The Estonian state real estate management company RKAS would like to develop the property of the former Patarei Sea Fortress-Prison together with the private sector and estimates that reconstruction and upkeep of the compound could run approximately 150 million euros over 30 years.

The Estonian Gas Association is seeking a review of the new government's plans to increase natural gas excise duties, arguing that a jump in the duty will reduce industrial investments in Estonia and bring into question the rationality of large investments such as the Balticconnector pipeline and the Karksi compressor station.